SpaceX stock did hit an all-time low near $139 a month after its June IPO, falling below the opening price. But the decline wasn't mainly caused by a competitor's activity — that's oversimplifying what actually happened. The real drivers were broader market conditions, a tech sector selloff, and SpaceX's own financing moves. Blue Origin is raising capital, but there's no evidence this directly triggered SpaceX's drop. News outlets that mention both companies are mostly using Blue Origin's funding as timing context, not as the primary explanation for SpaceX's decline. Wall Street analysts remain bullish long-term, predicting a 65% rebound.